Money isn't everything! Yeah, it's important, but it's not all that matters to employees -- and upping the pay scale isn't always possible. When a raise isn't an option, consider these three alternatives to reward your high-achieving employees.
I’ll Take BOSS for $1,000, Alex
Answer: “Because the OCC says so.”
What is “Why should I care about strategic planning?”
More specifically, Thomas J. Curry, Comptroller of the Currency says so.
You see some people using them, and they're working great. Why isn't everybody already on board? Maybe the tools are brand new. Perhaps they're too expensive. Who knows, they might be really exclusive.
Except, most of the time, they're not. So, what keeps people from getting their hands on the best time-saving tools in the banking industry?
You've seen the Home Depot ad: "More Doing," and we agree. We think it's time for more doing, or in Plansmith parlance, execution. But what exactly do we mean?
It's tough out there for banks. With so much competition from other financial institutions and new technologies, not to mention increased government regulation, it's no wonder some bankers feel overwhelmed. One of the hot topics of regulation at the moment is interest rate risk, and examiners want to know how the bank is poised to handle it. What does this come down to? It comes down to a process for handling interest rate risk, or an Interest Rate Risk Management Program.
Education. It’s different when you’re young – you have to go through it. You keep moving up another step until graduation, and then one day, it’s all over. Then you have a choice: stop education all together, or continue education and further enhance your career.
Before we get into our own thoughts (or, what you might do to take advantage of the situation), we thought it would be helpful to include some other thoughts around the industry. The Financial Brand, if you have never landed on their site, is always a good first source. Their “3 Problems with the Wells Fargo Cross-Selling Scandal” by Ron Shevlin of Cornerstone Advisors, talks about the inequities created for the honest people in this story: 1) the employees who did not cheat and 2) the consumers who were harmed, neither of which stands to see compensation. But it’s Shevlin’s fourth problem (yes the title is 3, but he added a 4th) that helped us decide to give our readers some suggestions.
An excerpt from the text:
There is a lot of buzz surrounding millennials and their unique psychographics and behaviors, especially with regard to buying habits. But it's not just millennials that are exhibiting fascinating (and at times, frustrating) preferences. As Jim Perry of Market Insights and #BANKSOCIAL discusses in his article, Modern Demographic Cohorts, Defined By Expectations, Want The Same Things From FIs, other generations, including baby boomers, are stepping outside of their perceived demographic[s] and assimilating with attitudes, beliefs and even behaviors of diverse age groups.
True or False
A budget is a once a year process for an institution.
True: A budget is a process typically done once a year to establish targets/goals of measure to be used as guidelines throughout the year.
Risk Profile, Strategic Planning, Risk Appetite – all this and more in the Supervisory Insights April 2016 edition and its companion video released in July. Remember when these were all discussed independently? Examining each within the Corporate Governance Program is now the new hot button with regulatory agencies.